News that fits you

Highlights

  • Dollar gaining strength ahead of big rate hikes from Fed
  • FII selling adding pressure to the Rupee

Latest news

Oil Prices Rally on Inventory Drop, Market Awaits Fed Projections

Oil Prices Rally on Inventory Drop, Market Awaits Fed Projections

5 terrorists killed in encounter with security forces in Jammu and Kashmir

5 terrorists killed in encounter with security forces in Jammu and Kashmir

SEBI Expands UPSI Definition, Strengthens ESG and Governance Frameworks

SEBI Expands UPSI Definition, Strengthens ESG and Governance Frameworks

Gold Imports surge in November: Commerce Ministry examining data for any calculation error

Gold Imports surge in November: Commerce Ministry examining data for any calculation error

No provision of free travel for Prayagraj Maha Kumbh Mela: Railways

No provision of free travel for Prayagraj Maha Kumbh Mela: Railways

\'Mereko marwaoge\': Rohit Sharma's hilarious response to Pujara, Rahane 'retirement mistake' goes viral

\'Mereko marwaoge\': Rohit Sharma's hilarious response to Pujara, Rahane 'retirement mistake' goes viral

Trains movement hit in Punjab as farmers squat on tracks as part of Rail Roko protest

Trains movement hit in Punjab as farmers squat on tracks as part of Rail Roko protest

Karan Aujla delivers electrifying performance in Delhi-NCR

Karan Aujla delivers electrifying performance in Delhi-NCR

Currency collapse: Rupee sinks to record low, Yen slumps to 28-year low

FIIs have withdrawn over $24 billion from Indian stock markets this year

Updated: Sep 02, 2022 10:53
|

EJ Biz Desk

Currency collapse: Rupee sinks to record low, Yen slumps to 28-year low

Rupee hit a new record low as consistent selling in the stock market kept dollar outflow pressure going. Meanwhile, a gaining greenback added downside to currencies across the globe with the Yen sliding to 28 year low.

The rupee dropped to 78/$ for the first time ever but this may not be end of the pain. Bloomberg reports that top forecasters see the currency falling to between 79 to 81 per dollar over the next few months.

Also read/watch| Explained: Recessions risks and why should we care about an inverted yield curve

The rupee declined about 1.6% in May, the biggest drop among emerging Asian currencies as FIIs continued to pull out money. For the year so far foreign investors have withdrawn $24 billion from Indian stock markets. Also weighing on the currency is a widening trade deficit and pressure on the fuel import bill.


ADVERTISEMENT

Up Next

Currency collapse: Rupee sinks to record low, Yen slumps to 28-year low

Currency collapse: Rupee sinks to record low, Yen slumps to 28-year low

SEBI Expands UPSI Definition, Strengthens ESG and Governance Frameworks

SEBI Expands UPSI Definition, Strengthens ESG and Governance Frameworks

Gold Imports surge in November: Commerce Ministry examining data for any calculation error

Gold Imports surge in November: Commerce Ministry examining data for any calculation error

Indian Stock Market: Mixed Sectoral Performance Amid IPO Highlights

Indian Stock Market: Mixed Sectoral Performance Amid IPO Highlights

Parliamentary Panel bats for legal guarantee of MSP to protect farmers' interests

Parliamentary Panel bats for legal guarantee of MSP to protect farmers' interests

Bihar fully prepared to create robust business ecosystem, investment safe: Dy CM Samrat Choudhary

Bihar fully prepared to create robust business ecosystem, investment safe: Dy CM Samrat Choudhary

ADVERTISEMENT

editorji-whatsApp

More videos

"If they tax us, we tax them...," Trump Signals Tough Trade Stance; Reciprocal Tariffs on India

"If they tax us, we tax them...," Trump Signals Tough Trade Stance; Reciprocal Tariffs on India

Top 5 Losers of NIFTY 50: A Day of Decline for Leading Stocks

Top 5 Losers of NIFTY 50: A Day of Decline for Leading Stocks

India's renewable energy capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

India's renewable energy capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

Indian Markets Open Lower Amid Caution Ahead of U.S. Federal Reserve Meeting

Indian Markets Open Lower Amid Caution Ahead of U.S. Federal Reserve Meeting

Five of top-10 most valued firms together add Rs 1.13 lakh Crore in market valuation

Five of top-10 most valued firms together add Rs 1.13 lakh Crore in market valuation

Airlines are price takers, they do not have influence on prices they pay: IATA Chief Economist

Airlines are price takers, they do not have influence on prices they pay: IATA Chief Economist

India’s import of Russian oil drops in November on shrinking discounts

India’s import of Russian oil drops in November on shrinking discounts

Auto Expo to see highest-ever participation of vehicle manufacturers: SIAM

Auto Expo to see highest-ever participation of vehicle manufacturers: SIAM

Russia Eases Travel Norms for India, Visa-Free Travel Expected by 2025

Russia Eases Travel Norms for India, Visa-Free Travel Expected by 2025

Bitcoin's Rally Continues: Surpasses $106,000 on News of Trump’s Bitcoin Reserve Fund

Bitcoin's Rally Continues: Surpasses $106,000 on News of Trump’s Bitcoin Reserve Fund

Categories

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.